Beyond Meat Inc (NASDAQ:BYND) was one of the hottest IPOs of 2019. The stock soared from $45.00 to $239.71 a share in less than 3 months after it’s initial public offering. Since that high peak, the stock has plunged lower on back of stronger than expected competition in the marketplace. Companies such as Hormel, Tyson, Smithfield, and Perdue have all rolled out meat alternatives with plant-based products such as burgers, meatballs and chicken. BYND stock is now trading below it’s 50-day moving average, this is a big negative on the charts.
The stock is now testing it’s upper gap window around the $121.00 area which is currently holding as support. Unfortunately, the big support level for BYND will be around the $100.00 level. This area is where the stock has an unfilled gap from June 6, 2019. Depending on how this stock trades into that area it should be a major support level. At this time, it looks like BYND stock is headed down there. Traders should note, BYND will report earning on October 28, 2019.